Bankruptcy of «Galicia»: part of the assets of the collateral of “Ukreximbank” disappeared

On April 4, as part of the bankruptcy case, PJSC «Galicia» refused to satisfy the appeal of “Ukreximbank” and left unchanged the decision of the Economic Court of the Lviv region in terms of satisfying the application of the liquidator of CJSC to consent to the sale of movable and immovable property of the bankrupt, the mortgagee of which is “Ukreximbank”.

According to court materials, the liquidator of CJSC «Galicia» appealed to “Ukreximbank” regarding the provision of consent to the sale of the debtor’s property, which is the subject of collateral, but such consent from the state bank was not received. At the same time, “Ukreximbank” noted that it did not refuse to grant permission to sell the collateral of the bankrupt. The state bank expressed the opinion that the granting of such permission is premature, because «the liquidator has not properly conducted an inventory of the assets and property of the bankrupt and has not taken all measures to identify part of the property that is pledged to the bank.»

In turn, the liquidator argued that it properly conducted an inventory of the assets and property of the bankrupt, took the necessary measures “to identify any missing property” (in particular, finished products that are the subject of pledge under pledge agreement No. 151213Z37; goods in turnover, which is the subject of the pledge under the pledge agreement No. 151213Z38; property rights on the revenue that is the subject of the pledge under the pledge agreement No. 6013Z5).

The liquidator stated that it appealed to the bank with an application for consent to the sale of only the collateral that is in actual possession of the bankrupt as of today, and which is included in the inventory. At the same time, it noted that «they filed a relevant application to the law enforcement authorities in respect of the missing collateral of PJSC «Galicia» and this information was entered in the Register of pre-trial investigations.»

As it is noted, the liquidator of PJSC «Galicia» filed an application to the MD NTD in Lviv region, based on the results of which on 05.10.2018 information number 12018140000000546 was entered in the Unified register of pre-trial investigations on the grounds of a criminal offense under part 1 of article 388 of the Criminal Code.

The liquidator of the PJSC «Galicia» noted that the bankruptcy liquidation procedure was introduced for a period of 12 months (clause 1, article 37 of the law of Ukraine «On restoring debtor’s solvency or declaring bankruptcy»), and almost half of that period has already passed, and the law does not stipulate the extension of such a procedure.

Having examined the case, the Western economic court of appeal indicated in part 4 of article 42 of the law of Ukraine «On restoring debtor’s solvency or declaring bankruptcy», according to which the property of the bankrupt that is subject to a provision, is not included in the liquidation estate and is used solely to meet the requirements of the lender for the obligations that it provides. The sale of the bankrupt’s property subject to security is carried out in the manner prescribed by this Law, solely with the consent of the lender, which it provides, or the court.

The Court of appeal noted that permission is given for the sale of the debtor’s property as a whole, and not for each individual action aimed at the sale of the debtor’s property. «The court of first instance came to a reasonable conclusion that the application of the liquidator of the arbitration Manager to consent to the sale of the property of the bankrupt, the mortgagee of which is PJSC «State Export-import Bank of Ukraine» must be satisfied and consent to the sale of this property of the bankrupt should be provided», — the Western appellate economic court in the decision dated 04.04.2019 summed up.

Source: https://rb.gy/6q94wm